India’s leading automobile manufacturer Tata Motors Ltd has reported a steep fall of 96.2 per cent its consolidated net profit after tax at Rs 111.57 crore, on a steep decline in profit in JLR business and higher losses in domestic operations.
“The consolidated net profit of the company stood at Rs 2,952.67 crore during the same period a year ago,” Tata Motors Ltd said in a filing to the Bombay Stock Exchange.
The consolidated numbers were impacted by JLR’s lower wholesale volumes and relatively weaker product mix, including the run out of Discovery, in Jaguar Land Rover business. The overall higher marketing expenses, were partially offset by credit relating to the recovery because of explosion at the port of Tianjin (China), Tata Motors said in a statement.
It’s consolidated total income (including other income), too, fell by 4.3 per cent at Rs 68,708.48 crore during Q3 2016-17, as compared to Rs 71,809.35 crore during the same period last year, due to unfavourable translation impact of Rs 10,670 crore.
It’s net sales during Q3 FY17 were down by 2.2 per cent at Rs 67,864.95 crore, as against Rs 69,398.07 crore in the year-ago period.
Jaguar Land Rover (JLR) total retail sales including the China JV in the third quarter were 149,288 units, up 8.5 per cent on strong demand for products, primarily reflecting higher volumes in China (incl. CJLR), North America and Europe led by strong sales of Discovery Sport, F-PACE and the new long wheel base XFL in China, the company said in a statemnent.
JLR wholesales and retails excluding China JV for the quarter were 1,30,910 units and 129,893 units respectively. China JV wholesales and retails for the quarter were 21,335 units and 19,395 units respectively, it added.
JLR’s profit after tax (PAT) was £167 million for the quarter ended December 31, 2016 compared to £440 million in the corresponding quarter last year.
Meanwhile, shares of the company were trading at Rs 446.70 apiece, down 8.24 per cent, from previous close on BSE at 12:15 hours.